EXPLAIN THE ANSWER SOLVE IT MANUALLY NOT EXCEL PLEASE.

The following balance sheet and income statement should be used: J&F, Inc. 2012 Income Statement Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Dividends Additions to retained earnings $28,900 23,400 1,600 3,900 280 $3,620 1,230 $2,390 $956 $1,434 Cash Accounts rec Inventory Total Net fixed assets Total assets J&F, Inc. Dec 31, 2012 Balance Sheet $1,530 Accounts payable 2,780 Long-term debt 3,410 Common stock $7,720 Retained earnings 12,840 $20,560 Total liabilities & equity $2,750 4,000 8,000 5,810 $20,560 29. Assume that all costs, assets, and current liabilities of J&F, Inc. increase directly with sales. Also assume that the tax rate and the dividend payout ratio are constant. The firm is currently operating at full capacity. What is the external financing need if sales increase by 8 percent? A) -S9.20 B) $108.14 C) -$12.87 D) -$123.92 E) $11.68